The interim budget of the year 2019-20 had been delivered by the interim Finance Minister Piyush Goyal.
Image courtesy: Moneycontrol
It was delivered that the budget was more ‘middle-class friendly’ apart from being rural friendly. The budget has given a lot of allowances and changes in the tax payments.
Full income tax rebate was announced for people with income upto 5 lakhs. This rebate will be useful to 40% of the people.
Business people who has factored a smart investment earning upto ₹7.5 lakhs per annum are now exempted from paying taxes.
Also income tax exemption to the bank deposits interest has been raised from ₹10,000 to ₹40,000.
This budget gave much importance to reducing the tax burden on the middle-class families. Also few announcements were made on the scheduled caste people who are involved in animal husbandry and fishing.